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Homes Were Snatched Up Two Weeks Faster in September

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Economics

Homes Were Snatched Up Two Weeks Faster in September


October 2, 2020
New homeowners with house key
By Prostock-studio

Listings in September only lasted an average of 54 days on the market, according to Realtor.com data. The site began tracking the number of days it took to sell a home in 2016, where it took 78 days on average in September to sell a home. Today’s average is now the shortest time in the past four years. Typically, homes sell 25% faster than the start of the year in September, but this year they sold 39% faster, according to CNBC. But in the 50 largest metro areas, a home sold in 44 days on average.

“Many buyers tend to put their home search on hold after the start of the school year, but remote learning and the desire for more space continued to fuel buyer interest in September,” said Danielle Hale, chief economist at realtor.com. “Unseasonably high buyer interest coupled with historically low inventory and favorable mortgage rates are creating a perfect storm in the housing market. While this is good news for anyone looking to sell their home, it has created tremendous competition among buyers.”

That competition is making bidding wars the rule rather than the exception. Typical buyers are paying about $20,000 more for a home and face 25% more competition than at the start of the year. Usually they face about 9% more competition.

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